I know what accounts to use, but am unsure what numbers to plug into what...
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Accounting
I know what accounts to use, but am unsure what numbers to plug into what account.
15 ABC Corporation provides a defined benefit pension plan for its employees. A combination adjusting entry should be made to correctly account for this type of pension given the following items of information for the 2014 plan year, including the recording of pension expense and the employer's contribution to the pension plan in 2014. Note: Use the summary entry method as demonstrated and discussed in the chapter lectures on pension accounting to p the adjusting entry Pension asset/liability (Jan Actual return on plan assets Expected return on plan assets Contributions (funding) in 2014 Fair value of plan assets December 31) Settlement rate Projected benefit obligation (an S0 40,000 S20,000 537,000 $75,000 10% S0 60,000 S0 Service cost Benefits paid in 2014 For purposes of financial statement presentation, consider Pension Expense as an operating item and any resulting Pension Asset/Liability as long-term in nature
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